路博迈（Neuberger Berman）日前宣布，它已为旗下的第三只私募股权二级市场基金募集了20亿美元。这只基金将主要专注于从杠杆收购、成长股份和特殊状况基金中购入有限合伙人权益。

    它轻松成为这个集团迄今最大的二级市场基金，今年整体二级市场资金筹集和交易量看起来将继续高歌猛进。可做参考的是，2012年是私募股权二级市场募资规模第二高的年份（仅次于2009年），资本认缴额200亿美元，交易量与2011年持平，交易额达到250亿美元左右。

    私募股权二级市场持续看涨的理念对于我而言仍然难以理解，毕竟2011-2013年很多交易量是受到以下四个因素的推动：

    1.有限合伙人进行投资组合重新配置，他们不愿再冒流动性危机的风险；

    2.2005-2008年超大杠杆收购基金环境的延续；

    3.金融改革导致某些金融和保险集团剥离业务；

    4.一些捐赠基金慢慢退出了耶鲁（Yale）模式。

    因此，我花了一些时间与路博迈私募股权二级市场基金负责人布莱恩•塔伯特进行了电话沟通，了解他的集团计划将这20亿美元投资到什么领域。

    塔伯特主要指出，我在上面提到的很多因素还将继续存在。举例来说，他说，虽然大多数美国金融和保险机构已剥离了有问题的私募股权资产，但欧洲(由于巴塞尔协议III等）有更多剥离需要进行。他还相信，虽然大型美国养老基金最开始认募二级市场基金是出于对未来流动性危机的担忧，现在它们开始将二级市场基金作为审慎的再平衡工具——他认为，这正在成为常规做法的一部分。

    塔伯特补充说，他的公司更注重单一资产收购，可能有4-7年历史的全盘收购基金小型投资组合（与尾端基金及/或僵尸基金有显著差别）。至于定价，他说，目前拍卖市场（路博迈倾向于不参与其中）中的折价为每1美元折85-90美分(去年为80-85美分），而一些更高品质的资产则以净资产值（NAV）出售。（财富中文网）

    Neuberger Berman yesterday announced that it has raised $2 billion for its third private equity secondaries fund, which mostly focuses on acquiring LP stakes in leveraged buyout, growth equity and special situations funds.

    It is easily the group's largest secondaries effort to date, in the midst of what is shaping up to be another banner year for secondaries fundraising and deal volume. For context, 2012 was the second-best year on record for PE secondaries fundraising (after 2009) with $20 billion in capital commitments, and effectively tied 2011 for the most-ever deal volume with around $25 billion in transactional value.

    The idea of an ongoing bull market in PE secondaries is a bit confounding to me, given that so much of the 2011-2013 volume was driven by 4 factors:

    1.Portfolio reallocations by LPs who didn't want to risk another liquidity squeeze;

    2. Hangover from the 2005-2008 mega-LBO fund environment;

    3. Financial reform that caused certain financial and insurance groups to divest;

    4. Certain endowments slowly moving away from the Yale model.

    So I spent some time on the phone with Brian Talbot, head of PE secondaries at Neuberger Berman, to understand where his group plans to invest $2 billion.

    Talbot primarily argued that many of my aforementioned factors are ongoing. For example, he says that while most U.S. financial and insurance institutions already unloaded their troublesome PE assets, there is still much more divestiture to go in Europe (thanks to Basel III, etc.). He also believes that while large U.S. pension funds first began engaging in secondary sales due to future liquidity crunch fears, they've now begun to use secondaries as a prudent rebalancing tool – something he believes is becoming part of business as usual.

    Talbot adds that his firm is focused more on single-asset purchases or small portfolios of buyout funds that are 4-7 years into their lives (which is distinct from tail-end and/or zombie funds). As for pricing, he says that auction market – where NB prefers not to play – is seeing discounts move up to 85-90 dents on the dollar (compared to 80-85 cents last year), while he's seeing some higher-quality funds getting sold at NAV.